- Technically the MKT is "on the fence" with the potential to go in either direction or nowhere. Pick your points and have no expectations, as the likelihood of this MKT trading sideways is high.
- On the SELL side BREAKOUT, FADE and REVERSAL strategies are valid, however profit and position risk management should be aggressive and anticipated. The pivotal nature of the session does have the potential to be the starting point for a new move. However, the probability of any trend action is more likely to just be the MKT defining its new consolidation extreme.
- On the BUY side BREAKOUT, FADE and REVERSAL strategies are valid, however profit and position risk management should be aggressive and anticipated. The MKT is "on the fence" and does have the potential to be the beginning of a new trend move. The probability of a new trend move is low. However, any price trend action is more likely to just be the MKT defining its new consolidation extremes.
Today's PRICE MAP Performance for SP
- With an MC Value of +1 and a NEUTRAL DIGESTION Market State, the S&P 500 INDEX was on the fence today with the potential to start a new trend move. As the day progressed, you could almost feel the market trying to breakout of the Critical Range and start a new move higher. We had a test of the UP around 4 A.M, a little after 5:30, at 7:30, and again around 8 A.M. Then, just after 8:30 A.M., we are given a decisive breakout signal, allowing traders to execute a BUY UP BREAKOUT strategy. The market rallied sharply stabilized for a minute at the UT1, and then proceeded to rally all the way up to our upside target for the trade, the UT2. Defining Market Structure everyday is essential to being a profitable trader. Today's Price Map performance illustrates how defining Market Structure will translate to profitable trade execution.
